Growing your business is the greatest challenge for entrepreneurs. And no one knows their own company better than they themselves do, but knowing what to do and how best to go about it are two different things.
There are two ways to put out a fire. The first is spraying water on it which will create steam, and the second way is by smothering the flames with dirt or something dense that can’t be penetrated easily. Similar tactics should be applied when trying to retain customers–you need both strategies in order for them not only to stay but also to come back again.
For example: did you know that it costs your business 5-25X more money to acquire a new customer than retaining an existing one? And asking yourself whether we’re doing what we ought to keep current satisfied customers coming back time after time becomes important because of this fact.”
WHAT IS CUSTOMER RETENTION?
Customer retention is one of the most important aspects when running a business. It can be difficult and cost-intensive to acquire new customers, so it makes sense for businesses to take steps in order to retain their current customer base – they are already established! Luckily, these strategies tend not to be too expensive or time-consuming; there’s really no excuse not to do them. To help you out we compiled some quick tips that will show your customers how much you care about them:
“Customer retention is the collection of activities a business uses to increase the number of repeat customers and to increase the profitability of each existing customer. Customer retention strategies enable you to both provide and extract more value from your existing customer base. You want to ensure the customers you worked so hard to acquire stay with you, have a great customer experience, and continue to get value from your products.”
1. INVEST IN CUSTOMER RELATIONSHIP MANAGEMENT (CRM) SOFTWARE
Customer relationship management (CRM) software is a powerful tool that can track your customer interactions by phone, email, and social media. It will show you who has reached out to you in the past as well as how they’re currently interacting with your company’s website.
The way we interact with customers today changes constantly over time; from voice calls and emails to messages sent through Facebook Messenger or Twitter direct message for example – these platforms are only one of many ways people communicate nowadays! CRM software like RisePath gives companies an edge because not only does it help them keep records of their communication history – but also allows them to see what new initiatives might need implementation based on current client activity online too.
2. GATHER THE RIGHT DATA
Your CRM is only as powerful as the data it captures and manages. The more customers you have, the better your chance of capturing meaningful customer information to help increase loyalty or tailor products for specific needs in order to meet individualized demands.
Have you ever had a customer call multiple times about the same issue, just to be told that it will take “a little longer” for someone to get back with them? It’s frustrating when customers have an urgent need and experience delays on your end. That is why companies now use CRM dashboards like RisePath; they allow employees of different departments (like sales or support) to see what other team members are working on so issues can be addressed more quickly.
Knowing what your customers like is an important way to keep them coming back for more. This knowledge will help you personalize interactions with clients on social media as well as offer tailored solutions when it comes time for buying decisions- all while building relationships that matter.
3. GIVE SALES, MARKETING, AND SERVICE A BOOST
The more your sales and customer service reps know about customers, the better they’ll be able to solve any problems that may arise. For example, if a sales rep knows Mrs. Smith prefers emails over phone calls she can use this information to ensure Mrs. Smith remains satisfied with their business. If the marketing has Mr. Jones’ entire purchase history then he or she could ask him how those products are working out for him and suggest additional items of interest.
4. SHOW YOUR CUSTOMERS YOU CARE
It’s important to show your customers that you care about them and their special days. You can do this by keeping track of birthdays, anniversaries, holidays – anything really! By remembering these dates in the CRM database and sending a card or gift on the occasion, it will make people feel more appreciated and valued as they are reminded how much thought was put into getting something for them specifically.
5. INCLUDE A FEEDBACK LOOP
It’s impossible to know what your customers think. You can’t just assume that you understand their thoughts or needs because of customer service interactions and online reviews alone. But when asked, they’re more than happy to share the feedback with you-especially if it means a chance for them to win an incredible prize! That is why launching surveys may be one of the best ways to get honest answers about how satisfied customers are with certain aspects of your business such as merchandise selection, quality/delivery time frames, etc. The way we do this is by first creating a survey using our software tools like RisePath which will allow us not only to track responses but also trigger automation based on specific answer choices given.
6. PICK UP THE PHONE
It’s difficult to believe, but there was a time when the only way to communicate with people in different cities or countries outside of your own was by mail and telephone. Today we live in an increasingly digitized world where it is easy for us all to be virtually connected through email, Facebook messages, Twitter tweets–you name it! But this also means that some aspects are lost- one being personal touch. What does “personal” mean? It means dealing directly with someone without any mediators such as computers or secretaries getting involved; treating someone like he/she matters just because they’re not faceless on a screen somewhere else at work…It doesn’t matter if you deal with customers face-to-face every day or call them.
One of the best ways to acquire new customers and satisfy existing ones is by investing in robust CRM software—and using that software effectively. But it can also seem both complicated and confusing. That’s where we can help with RisePath’s integrated CRM platform which integrates customer data across marketing channels for more personalized interactions at every stage of their journey from the first touchpoint until they become a long-term client or loyal buyer! For additional information on how our system will improve your marketing, increase productivity, boost sales – sign up today for one of our live demos to learn what you’re missing out on if you don’t invest in this amazing technology yet!
RisePath has an advanced analytics toolset that provides insights into campaigns.